Employee turnover is something that always makes every HR team lose its sleep! High turnover rates are a nightmare, and organizations can literally fall down into deep pits of losses if they fail to curb it.
Sadly, with the pandemic looming large and the talent crunch creating a huge shortage of skilled candidates, the retention rates only promise to get worse. As of now, the turnover rates for all the industries are hovering around 13%. Now, with millennials becoming a major part of the workforce, companies have more to worry about. The millennials are quite infamous for their job-hopping nature, and this again becomes a pain in the neck for organizations trying to stabilize and build a strong team of talents. Fortunately, you can leverage creative employee recruitment strategies to find strong talent.
So, here we are with 7 easy and quick tips to tackle this problematic scenario of employee turnover!
Hire It Right
Yes! The best way to reduce turnover is to make sure that you hire the right candidate the first time itself. Why fret about a wrong decision when you can do it right at the beginning itself? Start by defining the role clearly. List down your requirements, skill sets expected, talent requirements, educational qualification expected and every single point relevant to that role. This will help you get a clear idea of your requirements. Now that you know what you exactly need, you can explain it better to the candidate you are interviewing. Ensure that the candidate you choose fits not only your job requirements but also your company culture.
They might be your employees. But, that doesn’t mean that they do not have a personal life. Employees crave for work life balance, and if you are an employer who provides it, they will surely stay loyal to you. A recent study conducted by Boston College Center for Work and Family revealed that 80% of employees and 76% of managers cite flexible work-life balance as crucial criteria that make people stay in an organization. This clearly indicates that if you are not offering flexible work locations and working hours, your employees will leave you sooner than expected.
Fire The Employees Who Do Not Fit
Though we are trying to retain employees in the organization, it is also necessary to cut away those employees who don’t seem to fit in your company. No matter how much you try, still, they seem to stand apart and create problems. In such cases, remove them before they start affecting the company culture as a whole. A bad employee creates a ‘culture debt’ for your organization. They can poison the minds of other employees and increase the employee turnover rate. So, cut them and let them leave.
Encourage Pro-Social Behaviour
Try to build a positive work environment by encouraging pro-social behaviour among employees. Employees who express generosity, gratitude and helping mentality are more likely to be happier and healthier. Notably, sales coach strategies can change your team’s behavior. Also, by promoting a positive work environment, employees start feeling a sense of ownership of the company. This will make them stay longer without even pondering about leaving your company.
Appreciate And Acknowledge
Make your employees feel appreciated and valued by acknowledging their success and appreciating their efforts. Appreciate them personally and in front of their colleagues too. You can even make use of an employee time tracking software to track their work timings and appreciate those who put in dedicated effort for your company. This will make them motivated, and they will stay back in your company as one of your most loyal teammates.
Transparency is a crucial factor for every company. It not only helps in employee retention, but also helps build a healthy organization. It creates a strong bond of trust between the top management and their employees. Additionally, it provides a solid investments employee development. But ensuring transparency doesn’t exactly mean that you should reveal every confidential information to everyone. It just means that you should think about whether you have to keep this information a secret from your team. Unless you have a strong, valid reason to do so, don’t do it.
Though happiness seems to be a vague term, the truth is that it is one of the most crucial factors that makes an employee stay in your organization. Employee happiness is a clear indicator of job satisfaction, and hence that is what you should aim to achieve. Investing in the happiness of your employees will pay dividends in the form of improved productivity levels, engagement and last but not least, employee retention and job satisfaction!
Try out these 7 fool-proof tips and watch your organization’s turnover rates goes down! All you need to do is to make a few small changes to make your team stays and love the organization a bit more!